Unit of Competency Mapping – Information for Teachers/Assessors – Information for Learners

FNSACC507 Mapping and Delivery Guide
Provide management accounting information

Version 1.0
Issue Date: May 2024


Qualification -
Unit of Competency FNSACC507 - Provide management accounting information
Description
Employability Skills
Learning Outcomes and Application This unit describes the skills and knowledge required to gather, record and analyse operating and cost data, prepare budget reports and review costing systems integrity to calculate and record the costs of products and services.It applies to individuals who use specialised knowledge and analytical skills to manage complex financial data and develop comprehensive organisational reports.Work functions in the occupational areas where this unit may be used are subject to regulatory requirements. Refer to the FNS Implementation Guide Companion Volume or the relevant regulator for specific guidance on requirements.
Duration and Setting X weeks, nominally xx hours, delivered in a classroom/online/blended learning setting.

Assessment must be conducted in a safe environment where evidence gathered demonstrates consistent performance of typical activities experienced in the accounting field of work and include access to:

common office equipment, technology, software and consumables

an integrated financial software system and data.

Assessors must satisfy NVR/AQTF assessor requirements.
Prerequisites/co-requisites
Competency Field
Development and validation strategy and guide for assessors and learners Student Learning Resources Handouts
Activities 		Slides
PPT 		Assessment 1 Assessment 2 Assessment 3 Assessment 4
Elements of Competency Performance Criteria              
Element: Gather and record operating and cost data
  • Identify and establish systems to generate operating and cost data
  • Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures
       
Element: Analyse data and assign costs
  • Analyse costs and identify cost behaviour characteristics
  • Assign costs to specified products, services and organisational units, and reconcile data to ensure calculations are accurate and comply with organisational procedures
  • Ensure interpretation of revenues and costs is supported by valid analysis and is consistent with organisation’s business performance objectives
       
Element: Prepare cost reports and budgets
  • Obtain cost information advice from all sections of organisation when formulating cost reports and budgets
  • Ensure structure and format of budgets are clear and comply with management information requirements and organisational practices
       
Element: Analyse variances and review costing system integrity
  • Calculate and analyse variances against budget
  • Ensure reports are accurate, comprehensive and comply with management information requirements and organisational practices
  • Use variance analysis to review effectiveness of cost assignment processes
       


Evidence Required

List the assessment methods to be used and the context and resources required for assessment. Copy and paste the relevant sections from the evidence guide below and then re-write these in plain English.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Gather and record operating and cost data

1.1 Identify and establish systems to generate operating and cost data

1.2 Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures

2. Analyse data and assign costs

2.1 Analyse costs and identify cost behaviour characteristics

2.2 Assign costs to specified products, services and organisational units, and reconcile data to ensure calculations are accurate and comply with organisational procedures

2.3 Ensure interpretation of revenues and costs is supported by valid analysis and is consistent with organisation’s business performance objectives

3. Prepare cost reports and budgets

3.1 Obtain cost information advice from all sections of organisation when formulating cost reports and budgets

3.2 Ensure structure and format of budgets are clear and comply with management information requirements and organisational practices

4. Analyse variances and review costing system integrity

4.1 Calculate and analyse variances against budget

4.2 Ensure reports are accurate, comprehensive and comply with management information requirements and organisational practices

4.3 Use variance analysis to review effectiveness of cost assignment processes

Evidence of the ability to:

gather and record operating and cost data in accordance with organisational policy and procedures

analyse data and assign costs to products, services and organisational units to comply with organisational procedures

obtain data and prepare a range of cost reports and budgets to meet management information requirements

analyse variances between budgeted and actual data, and review integrity of costing systems.

Note: If a specific volume or frequency is not stated, then evidence must be provided at least once.

To complete the unit requirements safely and effectively, the individual must:

identify and describe cost behaviour characteristics for the different cost elements of a product or service

describe the principles of double-entry bookkeeping and accrual based accounting

identify and discuss the key features of organisational policy and procedures as they apply to costing systems

outline the key management information requirements

identify and explain the key principles and practices of budget preparation

discuss the relationship between variance analysis and costing system integrity

explain the key processes and procedures for recording and securely storing data.

Submission Requirements

List each assessment task's title, type (eg project, observation/demonstration, essay, assignment, checklist) and due date here

Assessment task 1: [title]      Due date:

(add new lines for each of the assessment tasks)

Assessment Tasks

Copy and paste from the following data to produce each assessment task. Write these in plain English and spell out how, when and where the task is to be carried out, under what conditions, and what resources are needed. Include guidelines about how well the candidate has to perform a task for it to be judged satisfactory.

ELEMENT

PERFORMANCE CRITERIA

Elements describe the essential outcomes.

Performance criteria describe the performance needed to demonstrate achievement of the element.

1. Gather and record operating and cost data

1.1 Identify and establish systems to generate operating and cost data

1.2 Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures

2. Analyse data and assign costs

2.1 Analyse costs and identify cost behaviour characteristics

2.2 Assign costs to specified products, services and organisational units, and reconcile data to ensure calculations are accurate and comply with organisational procedures

2.3 Ensure interpretation of revenues and costs is supported by valid analysis and is consistent with organisation’s business performance objectives

3. Prepare cost reports and budgets

3.1 Obtain cost information advice from all sections of organisation when formulating cost reports and budgets

3.2 Ensure structure and format of budgets are clear and comply with management information requirements and organisational practices

4. Analyse variances and review costing system integrity

4.1 Calculate and analyse variances against budget

4.2 Ensure reports are accurate, comprehensive and comply with management information requirements and organisational practices

4.3 Use variance analysis to review effectiveness of cost assignment processes

Copy and paste from the following performance criteria to create an observation checklist for each task. When you have finished writing your assessment tool every one of these must have been addressed, preferably several times in a variety of contexts. To ensure this occurs download the assessment matrix for the unit; enter each assessment task as a column header and place check marks against each performance criteria that task addresses.

Observation Checklist

Tasks to be observed according to workplace/college/TAFE policy and procedures, relevant legislation and Codes of Practice Yes No Comments/feedback
Identify and establish systems to generate operating and cost data 
Systematically code, classify and check data for accuracy and reliability in accordance with organisational policy and procedures 
Analyse costs and identify cost behaviour characteristics 
Assign costs to specified products, services and organisational units, and reconcile data to ensure calculations are accurate and comply with organisational procedures 
Ensure interpretation of revenues and costs is supported by valid analysis and is consistent with organisation’s business performance objectives 
Obtain cost information advice from all sections of organisation when formulating cost reports and budgets 
Ensure structure and format of budgets are clear and comply with management information requirements and organisational practices 
Calculate and analyse variances against budget 
Ensure reports are accurate, comprehensive and comply with management information requirements and organisational practices 
Use variance analysis to review effectiveness of cost assignment processes 

Forms

Assessment Cover Sheet

FNSACC507 - Provide management accounting information
Assessment task 1: [title]

Student name:

Student ID:

I declare that the assessment tasks submitted for this unit are my own work.

Student signature:

Result: Competent Not yet competent

Feedback to student

 

 

 

 

 

 

 

 

Assessor name:

Signature:

Date:

Assessment Record Sheet

FNSACC507 - Provide management accounting information

Student name:

Student ID:

Assessment task 1: [title] Result: Competent Not yet competent

(add lines for each task)

Feedback to student:

 

 

 

 

 

 

 

 

Overall assessment result: Competent Not yet competent

Assessor name:

Signature:

Date:

Student signature:

Date: